Unless Calgary makes major financial changes on taxes or developer payments, it can’t afford to handle 40,000 new Calgarians arriving every year — a figure city officials warn council must prepare for in coming budget years. Calgary will release its 2015-2018 budget next Tuesday. It comes with target tax hikes of 4.7 per cent a year for four years, and was based on annual population growth of 25,000.

Calgary’s key rainy day fund has continued to swell no matter how much council withdraws from it, but flood costs may ultimately knock it down by $100 million, a council committee heard Thursday. The fiscal stability reserve, less than a decade old, has risen rapidly every year and hit $148 million at the end of 2008.

Eric Sawyer, the city's chief financial officer, releases the draft budget adjustments for 2013 at 1:30 p.m. Friday. Most of it was already set last fall when council approved the 2012-2014 spending plan — complete with a 5.

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